Mercatorfonds: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
Mercatorfonds
NACE 47.610, Retail trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€298,220
2024 · €19,964-€318,184
Equity
€388,255
2024 · €186,474+€201,780
Cash
€3,878
2024 · -+€3,878
Balance sheet total
€2.4m
2024 · €2.5m-€146,217
Largest movements
Assets
- Receivables within one year -€256,694
down €256,694 (-51.7%), from €496,263 to €239,569
of which Trade receivables: -€253,346
- Stocks and contracts +€100,919
up €100,919 (+4.9%), from €2.0m to €2.1m
of which Stocks: +€111,490
Equity and liabilities
- Contributions +€500,000
up €500,000 (+55.6%), from €900,000 to €1.4m
- Profit (loss) carried forward -€298,220
down €298,220 (-38.1%), from -€783,618 to -€1.1m
- Advances received -€262,217
down €262,217 (-78.6%), from €333,500 to €71,283
- Debts after one year -€131,330
down €131,330 (-15.3%), from €860,756 to €729,426
- Trade debts +€74,513
up €74,513 (+9.0%), from €824,903 to €899,416
Income statement
- Gross operating margin -€323,443
down €323,443, from €245,820 to -€77,622
- Turnover -€75,481
down €75,481 (-7.8%), from €969,785 to €894,304
- Purchases and services +€47,962
up €47,962 (+5.2%), from €923,964 to €971,926
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€19,964
Gross operating margin
-€323,443
Staff costs
-€374
Depreciation
+€1,333
Write-downs
+€22
Other operating charges
-€3,620
Financial income
+€377
Financial charges
+€7,477
Taxes
+€43
Result 2025
-€298,220
raises the resultlowers the result
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€344,986
Investment
-€7,708
Financing
+€356,572
Cash 2024
€0
From operations (derived)
-€344,986
Net result for the year
-€298,220
Depreciation
+€2,207
Stocks and contracts
-€100,919
Receivables within one year
+€256,694
Deferred charges and accrued income
-€179
Trade debts
+€74,513
Tax, wage and social debts
-€8,061
Advances received
-€262,217
Accrued charges and deferred income
-€8,805
Investment (derived)
-€7,708
Investment in fixed assets (net)
-€7,708
Financing
+€356,572
Debts after one year
-€131,330
Short-term financial debts
-€12,098
Contributions, distributions and other
+€500,000
Cash 2025
€3,878
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,543,203 | €2,396,985 | -€146,217 | -5.7% |
| Formation expenses | 20 | - | €6,050 | +€6,050 | |
| Fixed assets | 21/28 | €2,413 | €1,864 | -€549 | -22.8% |
| Tangible fixed assets | 22/27 | €2,413 | €1,864 | -€549 | -22.8% |
| Land and buildings | 22 | €2,413 | - | -€2,413 | |
| Plant, machinery and equipment | 23 | - | €1,864 | +€1,864 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,540,790 | €2,389,071 | -€151,718 | -6.0% |
| Stocks and contracts in progress | 3 | €2,041,493 | €2,142,412 | +€100,919 | +4.9% |
| Stocks | 30/36 | €1,955,158 | €2,066,647 | +€111,490 | +5.7% |
| Contracts in progress | 37 | €86,335 | €75,764 | -€10,570 | -12.2% |
| Amounts receivable within one year | 40/41 | €496,263 | €239,569 | -€256,694 | -51.7% |
| Trade receivables | 40 | €434,656 | €181,310 | -€253,346 | -58.3% |
| Other amounts receivable | 41 | €61,607 | €58,259 | -€3,347 | -5.4% |
| Cash at bank and in hand | 54/58 | - | €3,878 | +€3,878 | |
| Deferred charges and accrued income | 490/1 | €3,034 | €3,213 | +€179 | +5.9% |
| Total equity and liabilities | 10/49 | €2,543,203 | €2,396,985 | -€146,217 | -5.7% |
| Equity | 10/15 | €186,474 | €388,255 | +€201,780 | +108% |
| Contributions | 10/11 | €900,000 | €1,400,000 | +€500,000 | +55.6% |
| Capital | 10 | €900,000 | €1,400,000 | +€500,000 | +55.6% |
| Issued capital | 100 | €900,000 | €1,400,000 | +€500,000 | +55.6% |
| Reserves | 13 | €70,093 | €70,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €60,000 | €60,000 | = | 0.0% |
| Legal reserve | 130 | €60,000 | €60,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,664 | €7,664 | = | 0.0% |
| Distributable reserves | 133 | €2,429 | €2,429 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€783,618 | -€1,081,839 | -€298,220 | -38.1% |
| Amounts payable | 17/49 | €2,356,728 | €2,008,731 | -€347,997 | -14.8% |
| Amounts payable after more than one year | 17 | €860,756 | €729,426 | -€131,330 | -15.3% |
| Financial debts | 170/4 | €860,756 | €729,426 | -€131,330 | -15.3% |
| Amounts payable within one year | 42/48 | €1,486,359 | €1,278,496 | -€207,863 | -14.0% |
| Financial debts | 43 | €304,337 | €292,238 | -€12,098 | -4.0% |
| Credit institutions | 430/8 | €304,337 | €292,238 | -€12,098 | -4.0% |
| Trade debts | 44 | €824,903 | €899,416 | +€74,513 | +9.0% |
| Suppliers | 440/4 | €824,903 | €899,416 | +€74,513 | +9.0% |
| Advances received on contracts in progress | 46 | €333,500 | €71,283 | -€262,217 | -78.6% |
| Taxes, remuneration and social security | 45 | €23,619 | €15,558 | -€8,061 | -34.1% |
| Remuneration and social security | 454/9 | €23,619 | €15,558 | -€8,061 | -34.1% |
| Accrued charges and deferred income | 492/3 | €9,614 | €809 | -€8,805 | -91.6% |
| Turnover | 70 | €969,785 | €894,304 | -€75,481 | -7.8% |
| Non-recurring operating income | 76A | €200,000 | - | -€200,000 | |
| Goods, raw materials, services and sundry goods | 60/61 | €923,964 | €971,926 | +€47,962 | +5.2% |
| Remuneration, social security and pensions | 62 | €178,916 | €179,290 | +€374 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,541 | €2,207 | -€1,333 | -37.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,624 | €3,602 | -€22 | -0.6% |
| Other operating charges | 640/8 | €1,387 | €5,006 | +€3,620 | +261% |
| Gross operating margin | 9900 | €245,820 | -€77,622 | -€323,443 | |
| Operating profit (loss) | 9901 | €58,353 | -€267,728 | -€326,080 | |
| Financial income | 75/76B | €2,213 | €2,590 | +€377 | +17.0% |
| Recurring financial income | 75 | €2,213 | €2,590 | +€377 | +17.0% |
| Financial charges | 65/66B | €40,049 | €32,572 | -€7,477 | -18.7% |
| Recurring financial charges | 65 | €40,049 | €32,572 | -€7,477 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €20,518 | -€297,709 | -€318,227 | |
| Income taxes | 67/77 | €554 | €511 | -€43 | -7.8% |
| Profit (loss) for the period | 9904 | €19,964 | -€298,220 | -€318,184 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,964 | -€298,220 | -€318,184 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.